Reading the fairways and greens of their golf course like poker players, the 16-member board of governors of the Seawane Country Club believe they are holding a pat hand, and are working on a 10-year plan to sustain the 91-year-old Hewlett Harbor facility, which is struggling financially as membership has declined.
Seawane’s governing board will take several measures that aim to sustain what is self-billed as “the premier country club on Long Island’s South Shore.” In a Jan. 11 letter to club members, the board laid out its plans.
“While we are still exploring options, it now appears that our best long-term solution is member investment alone or a combination of member investment and bank debt secured by the value of our property, which is well in excess of our current debt,” board President Alan Feldman wrote. “Now that we’ve done the necessary due diligence regarding the true value of both our club and its property, we have prepared a member investment proposal outlining the structure of the opportunity being offered.”
Private lower-end clubs, meanwhile, he said, “are defaulting on debt as the number of active golfers is down about 30 percent,” a figure he attributes to the decline of Tiger Woods’s golf career, beginning in late 2009. Public-private courses will not survive the current environment, McGowan added.
“ClubCorp, in Dallas, operates and owns the most prestige membership clubs in the nation, and they were forced into a private-equity buyout after the stock initial public offering failed miserably,” he said. “Course redevelopment into higher-end homes appears to be the only option for the non-elite and non-prestige courses.”
Hewlett Harbor Mayor Mark Weiss said that the Seawane club is a vital part of the village, and the village board is keeping a watchful eye on the short- and long-term developments. “The Seawane Country Club is not only geographically central to the Village of Hewlett Harbor, but it is also central to the look and feel of our most beautiful community,” Weiss said. “Based on ongoing conversations with the club’s leadership, I am confident that the interests of the club and the interests of our residents are aligned, in that the club’s leadership wishes to keep the club open as a premier, full-service country club.”
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